Businessplanbasics

Basics of Writing a Business plan Contributed by: Rajeev Roy, Prof of Entrepreneurship, Xavier Institute of Management, Bhubaneswar, India Introduction: This note goes beyond discussing elements of a business plan. It encourages the reader to explore the reasons for writing the business plan and the lays down a very practical roadmap on how to go about creating the business plan. After this initial discussion, various components of a business plan are individually explored. This is meant as an indicative canvas only and does not pretend to show the one and only way to make the ideal business plan. Each business is unique and will have a customized approach best suited for it. When to Use: This may be used during a workshop on Business Plans or Entrepreneurship in general. This can be used during any course in entrepreneurship combined with adequate theoretical inputs. Writing a Business plan: A business plan is a written description of your intended business. This is where you put down what you intend to do and how you intend to do it. Sometimes you may also add ‘why’ you want to do it too. Business plans can help perform a number of tasks for those who write and read them. They’re used by investment-seeking entrepreneurs to convey their vision to potential investors. They may also be used by firms that are trying to attract key employees, prospect for new business, deal with suppliers or simply to understand how to manage their companies better. Putting you goals and ideas down on paper helps you organize your thinking. Your employees and other stakeholders understand what you plan for the business and it helps keep the organization focused on the big picture. Simply stated, a business plan conveys your business goals, the strategies you'll use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and finally, the amount of capital required to...